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There is a lot of momentum even after listing on SK Bioscience

Meritz Securities(4,365 -0.80%)On the 18th, SK Bioscience believes that the share price will have a large upside even after the listing, as it has ample upside power (momentum). We did not present a rating and target price. SK Biosciences will be listed on the stock market on this day.

SK Bioscience is SK chemicals in 2018(318,000 +6.35%)It is a company established by dividing the vaccine business division of Korea. It is engaged in vaccine distribution and sales, consignment production (CMO) and consignment development production (CDMO) business. AstraZeneca and NovaVax have signed a CMO/CDMO contract for the COVID-19 vaccine, and a technology transfer contract for the domestic supply of NovaVax vaccine has been signed.

Researcher Jiha Kim said, “The performance of the CMO and CDMO business, taking into account the global average unit price and profit structure, is expected to be 4969 billion won this year and 739.5 billion won next year.” There is also a possibility,” he said.

It is believed that it is also securing long-term growth engines by developing its own Corona 19 vaccine and premium vaccine. SK Bioscience is developing two candidates for COVID-19 vaccine using a synthetic antigen method. These are phase 1 and phase 1 and 2 clinical trials, respectively. It is planned to proceed with phase 3 of global clinical trials with one item within this year, and the results of phase 1 are expected to be announced in the first half of the year.

In addition, Sanofi and the next-generation pneumococcal vaccine are undergoing global phase 2 clinical trials. The goal is to become the best-in-class drug in the 7 trillion won pneumococcal vaccine market.

Researcher Kim said, “SK Bioscience can give you a premium as a Corona 19 vaccine manufacturer.”

Like SK Biopharm, we believe that positive share price flows can be expected from the incorporation of major indices. Due to the low circulating share ratio (16% when the one-month protection deposit is canceled), it may be difficult to transfer to Morgan Stanley Capital International (MSCI) in May. Is that it is high.

SK Bioscience’s market capitalization is 4,972.5 billion won based on the public offering price of 65,000 won. The amount available for circulation is 11.6% of the total stock.

Reporter Minsoo Han hms@hankyung.com

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